Best mortgage advice for low income but decent deposit

KirstinLou

Looking for advice please...

We hope to put our property on the market shortly - we have an outstanding mortgage of £90k and at our last mortgage valuation for the Halifax it was worth £150k. I'm in Aberdeen - thankfully the housing market hasn't dropped too much up here but thanks to the 'offers over' system I'm not sure really what to expect it to sell for... So I'm erring on the side of caution and basing my calculations on selling it for £140,000+

So, we hope to have about £50-60k equity to draw from the sale depending on how much it goes for. For the sake of being realistic I am using a figure of £50k to work with and any extra will be a bonus.

I also have £20k cash. BUT need to reserve money for solicitors fees and stamp duty, so am keeping aside £8,000 for that.

Altogether that will give me a minimum deposit of £62k. We are looking to buy a property for £200,000 max.

Our major issue is that we are on low income - I'm part time earning £13500 and husband is £18000 so that gives us a combined income of only £31500

So the deposit is our saving grace with this one. I'm really struggling to understand what our best options are.

We have a small amount of credit card debt and our credit scoring is excellent. Basically my main concern is securing the lowest monthly payments while we find our feet over the next couple of years. Currently we only pay £440 monthly for our mortgage and could 'fairly' comfortably manage up to about £540ish.

I'm starting to confuse myself with all of the mortgages out there - I'm really embarrassed to talk to a broker because of our low incomes and was hoping someone had some pearls of wisdom on here

Thanks in advance